Fiscal Responsibility

Democrats have led the fight to restore fiscal responsibility after President Bush and Congressional Republicans left behind deep deficits. The Republican record of fiscal recklessness turned surpluses into massive deficits by borrowing trillions of dollars to finance two wars, huge tax cuts for the wealthy, and major increases in spending. The deficits and debt are a serious problem that will require tough choices in the years ahead. As Democrats work first to help the economy recover and create jobs, we are also working to put our country back on a path to a balanced budget over the long-term.

Unfortunately, House Republicans have held our economy hostage to their ideological agenda, bringing our government first to the brink of shutdown and then to the brink of default as they fought to put the entire burden of deficit reduction on the middle class and seniors. Democrats are committed to reducing the deficit, and both parties must work together on a balanced approach that strengthens the solvency of our entitlements, helps support job creation and protects the middle class, seniors and the most vulnerable. To restore our country’s economic sustainability, we must adopt a balanced approach that includes both spending cuts and revenues.